A contract is a legally binding agreement between several parties. This means that when a party fails to perform according to the terms of the contract, the other party may take legal action. There are different remedy options available for the non-breaching party to help them seek compensation for damages. Our Seattle business law attorneys explain the different types of remedies available for breached contracts.
Remedies Available for a Contract Breach
It is important to know that a subsequent breach is only actionable if it is a material breach. According to Washington state laws, a material breach “substantially defeats the purpose of the contract.” If your broken contract was a material breach, below are the remedies available to seek compensation:
- Monetary breach: The party who breached the contract can be held responsible for the losses caused by the breach. Monetary damages can include general and expectation damages. For example, if you purchased a new machine, but the machine was never delivered, the general monetary loss would be the price you paid for the machine. Recovering expectation loss would be the money you would have made if the machine arrived.
- Rescission: Rescission allows the non-breaching party to suspend performance obligations listed in the contract. This essentially dissolves the contract for both parties.
- Specific performance: In some cases, the non-breaching party can request the breaching party to complete the terms of the agreement. For example, the breaching party would be required to deliver the machine your business ordered to fulfil their contract obligation.
Seattle Breach of Contract Attorney
If another party failed to fulfill their contractual obligations, you are entitled to seek compensation for the damage lost. Our Seattle breach of contract lawyers are highly experienced in this area of the law and have had significant successes in breach of contract cases. We can analyze your contract and determine what remedies you should pursue for your case. Let our team guide you through the process to protect your business.
Contact our Seattle breach of contract lawyers today at (206) 565-0090 to schedule a consultation!